It wasn’t long ago that consumers had a limited number of companies from which to choose. This was frequently determined by geographical boundaries, the amount and type of advertising used, and specific needs. That is no longer the case. Companies can compete on a national and sometimes even global scale thanks to the internet and the declining cost of advertising through a growing number of mediums. The days of being the only video store or travel agent in town are long gone. All a consumer has to do now is sign up for Netflix or browse Travelocity from the comfort of their own home or office.
Some businesses are making it easier for customers to get what they want, how they want it, and when they want it by increasing transparency in their respective industries. Most of the time, a consumer conducting research will know more about how you compare to your competitors than you do. If you’re concerned about this, it’s possible that you’re not doing everything you can to provide the best service or product possible to justify the price you’re charging. It could also be due to a lack of knowledge about your competitors and their business practices.
Rather than viewing this new playing field negatively, consider how you can use it to your advantage. Consumers can quickly compare your product, service, and price to the majority of all of your competitors – often in a matter of hours, if not minutes – but you can do the same! You will be more competitive because you are proactive in monitoring what your competitors are doing. You’ll keep them reacting to your actions rather than the other way around.
Are you ready to compete at a higher level? Set aside some time to complete your homework. Learn everything you can about your three main competitors and stay one step ahead of them. You’ll be surprised at how much your profits grow!
